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SBM Offshore Rating Upgraded as AlphaValue/Baader Ups Estimates on Stronger Guidance

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SBM Offshore's (SBMO.AS) upgraded earnings outlook for 2026 to 2028, driven by stronger lease and operate and turnkey profitability, led AlphaValue/Baader Europe to increase its EPS estimates and rating for the Dutch offshore floating production company.

"We have lifted our EPS estimates on a stronger 2026-28 earnings outlook, with FY2026 net profit rising to US$601m as we align revenue and margins with the latest guidance, and apply a forecast tax rate of around 22% of pre-tax income (vs 25%)," analysts said June 5. "We have also incorporated the US$270m buyback announced for 2026 completion, which lowers our diluted share count to around 168.7m in 2026 and 161.0m thereafter."

The research firm's revised EPS forecasts are 82.3% and 0.5% higher, respectively, at $3.56 for 2026 and $3.66 for 2027.

The rating increased to buy from add with a price target of 45.5 euros.

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